Banks say Clarity Act language allows stablecoin yield evasion
Top banking groups expressed concern over new language in the Clarity Act, which they claim leaves loopholes regarding stablecoin yield.
The compromise would ban direct yield on stablecoins but allow rewards tied to account balances.
The banking industry has been at odds with the crypto lobby over key language in the bill, which would legalize most crypto activity in the US.
The dispute has delayed the Clarity Act’s advancement in the Senate for nearly four months.